Whether you’re young or old, single, married, or parents to growing kids, you should have your own financial goals.
They can be short-term or long-term, but they should be tangible and realistic so that you will be successful in achieving all of them.
Here are some strong examples of financial goals to have in 2019. It’s up to you to prioritize each one according to its importance to you.
To set a budget and stick to it
Make wise spending decisions so that you don’t only stick to your budget but also have money to save.
Allot money for your living expenses, to pay for your bills, and to settle your debts. But also set aside money that you can save regularly for both your short-term and long-term savings.
To reduce your expenses
Do you rent a condo unit that’s too expensive that almost all your salary goes to just paying for rent? Get yourself a roommate, or better yet move to a more affordable one.
Do you pay for a Netflix subscription or a phone plan that you never really use? Downgrade, or better yet cancel.
Do you always buy your morning coffee at the coffee shop near your office that’s almost 200 bucks a cup? Drink the office coffee instead.
Look for habits or indulgences that may be draining your cash flow. Evaluate whether you should keep them or chuck them and see just how much you can save!
To know your priorities
If you wish to save money this 2019, you must prioritize your needs over your wants.
You may feel like you need a phone upgrade or a wardrobe makeover this year. But remember that if what you have is still functioning and in top condition, you don’t really need a new one.
Consider the long-term benefits of something before you decide to purchase it.
How will this purchase affect your future? How long will you be able to use it? Is this purchase going to put you in such a huge debt in the months to come?
Do away with your frivolous purchases and give your shopping budget a downsize. That money can go a long way in your savings or emergency fund!
To use money-saving or money-tracking apps and tools
There are many apps which you can download that will help you track your spending and notify you when a bill payment is coming up.
There are also apps that will help you set budgets or create a savings plan according to your spending habits or needs.
You can try apps like Money Lover, Simple Expense Note, Fudget, Wallet by BudgetBreakers, or BillTracker for this purpose.
You will find that when you know where your money is going, you will also be more mindful of your spending.
To switch to cash-only spending
When you don’t have your debit card with you, you will also be more mindful of staying within budget and only buying what you need.
It may be a psychological thing. But don’t you notice that it’s so much harder to part with cash than it is to swipe your card or punch in your card PIN?
To load up your emergency fund
Make your cash reserve a priority this 2019. Always remember that an emergency fund should be enough to cover your everyday living expenses for about 3 to 6 months.
This way, you will not rack up debts when the unexpected happens and you will still be up to date with your payments.
You will be protected when a huge expense suddenly lands in your lap, like an emergency hospital stay, a major car repair, a big home renovation, or an unexpected school-related expense.
To not keep up with Joneses
You know you have the money to wine and dine seven days a week. You can book a weekend to somewhere exotic without batting an eyelash.
You can buy VIP tickets for the hottest concert of the year, and you can treat yourself to a totally drool-worthy bag without feeling the guilt.
But you don’t have to if you don’t really need to. And you truly shouldn’t when you can’t really afford it!
Don’t spend your hard-earned money just to make a statement or to keep up appearances.
If your friends and family really love you, they will still be there for you whether you lead a rich or a practical lifestyle.
To not quickly upgrade your lifestyle when you start earning more
It does not mean that you should automatically start living more luxuriously. Surely you can make the necessary adjustments to your monthly budget so that you will live more comfortably.
But a bigger salary is also a great opportunity to beef up your savings and investment portfolio, as well as a great opportunity to finally be debt-free!
Your financial goals need not be complicated. But they will certainly need a lot of saving, investing, discipline, commitment, and effort to bring them to reality!